WTI Price Forecast: Falls to near $82.00 after breaking below nine-day EMA
West Texas Intermediate (WTI) oil price declines after two days of gains, trading around $82.20 during the European hours on Friday. The technical analysis of the daily chart indicates that the spot is remaining within the ascending channel, suggesting that the primary trend is upward.
WTI oil prices have slipped to around $82.20 during European hours on Friday, after a brief two-day rally. Technical analysis suggests the price remains within an ascending channel, indicating an upward trend. Currently, WTI is trading above the 50-day Exponential Moving Average (EMA) and has recently fallen below the nine-day EMA, signaling a possible slowdown in the recovery.
The 14-day Relative Strength Index (RSI) is around 51, showing neutral momentum after previously being overbought. The next resistance is at the nine-day EMA at $82.75. If WTI rebounds above this short-term moving average, it could strengthen the bullish bias, potentially driving the price toward the upper boundary of the ascending channel at $90.40, with a potential long-term high of $92.25 reached in July.
Conversely, the immediate support is at the 50-day EMA at $81.69, followed by the lower boundary of the ascending channel at $80.80. A sustained break below this zone could lead to bearish bias, pushing WTI towards the seven-week low of $72.53 and potentially the six-month low of $67.09, recorded in July. On the Brent side, Deutsche Bank's Early Morning Reid team notes that the recent move is hindered by limited progress in reopening the Strait of Hormuz.
White House Press Secretary Karoline Leavitt indicates ongoing lack of negotiations, implying geopolitical risk remains embedded in crude prices.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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